Nguyen, Guber and Penn have assembled a broad coalition to back the club including Magic Johnson, Nomar Garciaparra, Mia Hamm Garciaparra and Tony Robbins.

The official unveiling of the new team in Los Angeles comes just days after Chivas USA ceased operations. In a rather pointed nod to the past, the new club promises to build a soccer-specific stadium in the greater Los Angeles area to serve as "a hub of diversity and culture," according to the club’s official website.

“We believe this team can become one of the most outstanding clubs in Major League Soccer and a globally-recognized brand,” said Nguyen. “Today is day one and time for us to focus on developing a world-class stadium for the club to play in and for fans to enjoy,”

The new LA team is expected to join the league alongside Atlanta, starting play in 2017 at a temporary facility, while two additional expansion teams are expected to join the league in 2020. ESPN analyst Taylor Twellman has reported the new side will take its bow at the Los Angeles Coliseum.

“Los Angeles is a diverse, vibrant market with millions of soccer fans, and we look forward to an intense rivalry between the Galaxy and Los Angeles Football Club,” added Garber.